The annual gift tax exclusion amount has increased for the second straight year. The IRS raised the exclusion amount for 2023 to $17,000 per recipient, up from $16,000 per recipient in 2022. In the recent past, adjustments...more
Each year US citizens may make “annual exclusion” gifts under Internal Revenue Code § 2503(b). In 2020, the amount an individual can pass without using any of his or her exclusion from estate and gift tax is $15,000, or...more
Over the past five years, I have prepared all the gift tax returns for Chambliss’ tax clients. Gift taxes can become quite complex and vary based on a taxpayer’s individual circumstances. There is a lot of confusion and...more
Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is...more
As a result of the Federal Reserve Bank's recent stimulus and interest rate decreases in response to the coronavirus, intra-family loans can be used to transfer wealth to future generations with no gift tax consequences as...more
Please see Chart below....more
The IRS released new final estate and gift tax regulations that include guidance on taxpayers seeking so-called “portability” elections to carry over the lifetime exclusion from the first spouse to die to the second spouse. ...more